Stocks Back Near Highs in Unsettled Session

Stocks are back near highs by Thursday afternoon as a rally in energy stocks offsets a selloff in the health care sector.

Stocks were back near highs by Thursday afternoon as a rally in energy stocks offset a selloff in the health care sector.

The S&P 500 was up 0.7%, the Dow Jones Industrial Average climbed 0.47%, and the Nasdaq increased 1%.

Crude oil jumped on reports Russian Energy Minister Alexander Novak had spoken with Saudi Arabian officials to cut production by up to 5% in light of weaker prices. Novak also said members of the Organization of Petroleum Exporting Countries and non-member countries had proposed a future meeting to discuss strategy given a weaker commodities environment, according to Reuters. West Texas Intermediate crude oil jumped 3.4% to $33.39 a barrel.

"While the potential for a significant bullish stimulus exists in this situation, diplomatic and strategic obstacles -- notably Russia and Saudi Arabia's differing views on the Syrian government and the latter's obstinate dedication to the defense of market share -- will prove major hindrances to cooperation," T. Austin Sapp, commodity analyst at Schneider Electric, wrote in a note.